Case Details

Marfin Investment Group Holdings S.A., Alexandros Bakatselos and others v. Republic of Cyprus (ICSID Case No. ARB/13/27)

Subject of Dispute:

Banking enterprise
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Cyprus - Greece 1992
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Alexandros Bakatselos (Greek), Nik I Theocharakis SA (Greek), Matthaios Rigas (Greek), Teodomi SA (Greek), Anna-Maria Theocharaki (Greek), Despina Theocharaki (Greek), Marina Theocharaki (Greek), Nikolaos Theocharaki (Greek), Vasileios Theocharaki (Greek), Efstathios Topouzoglou (Greek), Georgios Bakatselos (Greek), Andreas Vgenopoulos (Greek), Nikolaos Bakatselos (Greek), Polytimi Bakatselos (Greek), Chevellas SA (Greek), Delfini Holdings SA (Greek), Lion Hellas SA (Greek), Marfin Investment Group Holdings SA (Greek), Nikiforos Moschopoulos (Greek)
Respondent(s):

Republic of Cyprus (Cypriot)
Date Registered:

September 27, 2013
Date of Constitution of Tribunal:

March 13, 2014

Composition of Tribunal

President:

Bernard HANOTIAU (Belgian) - Appointed by the Chairman of the Administrative Council
Arbitrators:

Daniel M. PRICE (U.S.) - Appointed by the Claimant(s)
David A.O. EDWARD (British) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Marfin Investment Group Holdings, Kifissia, Greece
Tariq Baloch, London, U.K.
Three Crowns, Paris, France
Respondent(s):

Chrysses Demetriades & Co., Limassol, Cyprus
Skadden, Arps, Slate, Meagher & Flom, London, U.K.
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

July 26, 2018 - The Tribunal renders its award.

(a) Original Proceeding

Published Decisions

Award of the Tribunal (English;)

(a) Original Proceeding

Date	Development
September 27, 2013	The Secretary-General registers a request for the institution of arbitration proceedings.
October 2, 2013	Following appointment by the Claimants, Daniel M. Price (U.S.) accepts his appointment as arbitrator.
December 19, 2013	Following appointment by the Respondent, David A.O. Edward (British) accepts his appointment as arbitrator.
January 23, 2014	The parties file a request for the Chairman of the Administrative Council to appoint the arbitrator not yet appointed pursuant to Article 38 of the ICSID Convention.
March 13, 2014	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Bernard Hanotiau (Belgian), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; Daniel M. Price (U.S.), appointed by the Claimants; and David A. O. Edward (British), appointed by the Respondent.
March 13, 2014	Following appointment by the Chairman of the Administrative Council, Bernard Hanotiau (Belgian) accepts his appointment as presiding arbitrator.
April 11, 2014	The Tribunal holds a first session by telephone conference.
April 28, 2014	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
February 20, 2015	The Claimants file a memorial on the merits.
December 18, 2015	The Respondent files a counter-memorial on the merits and a memorial on jurisdiction.
February 5, 2016	Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.
February 19, 2016	The Tribunal issues Procedural Order No. 2 concerning production of documents.
May 10, 2016	The Claimants file a request for provisional measures.
May 23, 2016	The Respondent files observations on the Claimants’ request for provisional measures.
June 9, 2016	The Tribunal issues Procedural Order No. 3 concerning provisional measures.
June 20, 2016	The Respondent files further observations on the Claimants’ request for provisional measures.
July 4, 2016	The Claimants file a response to the Respondent’s further observations of June 20, 2016.
July 15, 2016	The Tribunal issues Procedural Order No. 4 concerning provisional measures.
July 18, 2016	The Respondent files a rejoinder on provisional measures.
August 3, 2016	The Tribunal issues Procedural Order No. 5 concerning procedural matters.
August 4, 2016 - August 5, 2016	The Tribunal holds a hearing on provisional measures in Paris.
September 13, 2016	The Tribunal issues Procedural Order No. 6 concerning provisional measures.
October 10, 2016	The Respondent files a request for reconsideration of the Tribunal’s decision of September 13, 2016.
October 17, 2016	The Claimants file a reply on the merits and a counter-memorial on jurisdiction.
October 24, 2016	The Claimants file observations on the Respondent’s request of October 10, 2016.
November 7, 2016	The Tribunal issues Procedural Order No. 7 concerning the Respondent’s request of October 10, 2016.
December 21, 2016	The Tribunal issues Procedural Order No. 8 concerning provisional measures.
December 27, 2016	The Claimants file a request for the Tribunal to decide on production of documents.
January 9, 2017	The Respondent files observations on the Claimants’ request for the Tribunal to decide on production of documents.
January 13, 2017	The Respondent files a rejoinder on the merits and a reply on jurisdiction.
January 16, 2017	The Claimants file a response to the Respondent’s observations of January 9, 2017.
January 24, 2017	The Respondent files a rejoinder on the Claimants’ response of January 16, 2017.
January 28, 2017	The Claimants file a rejoinder on jurisdiction.
February 1, 2017	The Tribunal issues Procedural Order No. 9 concerning production of documents and questions of privilege.
February 14, 2017	A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
February 16, 2017	Each party files observations on the non-disputing party’s application.
February 17, 2017	The Tribunal issues Procedural Order No. 10 concerning hearing organization.
February 17, 2017	The Tribunal issues a Procedural Order No. 11 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
March 3, 2017	The Tribunal issues Procedural Order No. 12 concerning provisional measures.
March 6, 2017 - March 9, 2017	The Tribunal holds a hearing on jurisdiction and the merits in Paris.
May 4, 2017	Each party files a post-hearing brief.
May 18, 2017	Each party files a submission on costs.
May 25, 2017	Each party files observations on the other party’s submission on costs.
April 26, 2018	Each party files an additional statement of costs.
July 16, 2018	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
July 26, 2018	The Tribunal renders its award.